Acea is the top Italian operator in the water sector serving 10 million people: it manages the integrated water service in Rome and Frosinone and in the relative provinces, as well as in other areas of Lazio, in Tuscany, Umbria, Campania, Molise, Liguria and Sicily. The Group is also in Abruzzo, Molise and Campania, as it has entered the methane distribution market in the Municipality of Pescara, the Province of L’Aquila, the Provinces of Campobasso and Isernia and the Province of Salerno. The Group operates across the entire value chain, from water collection and distribution to its purification and reuse.
The segment also includes the companies that manage water activities in Latin America and its objective is to make the most of development opportunities in other businesses related to those already held in Italy. It has a strong presence in Honduras and Peru, reaching a population of approximately ten million. The activities are carried out in partnership with local and international partners, including through staff training and the transfer of know-how to local entrepreneurs.
Operating data
U.M. | 2025 | 2024 | Change | % Change | |
|---|---|---|---|---|---|
| Water volumes | Mm3 | 492.8 | 492.5 | 0.4 | 0.1% |
| Energy consumed | GWh | 738.1 | 717.1 | 21.0 | 2.9% |
| Sludge disposed of | kt | 130.2 | 152.8 | (22.7) | (14.8%) |
| NSP | €/MWh | 116.1 | 108.4 | 7.7 | 7.1% |
Economic and financial results
| € million | 2025 | 2024 | Change | % Change |
|---|---|---|---|---|
| Revenues | 1,505.7 | 1,425.2 | 80.5 | 5.7% |
| Costs | 686.0 | 657.4 | 28.7 | 4.4% |
| EBITDA | 819.7 | 767.8 | 51.9 | 6.8% |
| Operating profit/(loss) | 348.1 | 358.8 | (10.7) | (3.0%) |
| Average workforce | 3,292 | 3,206 | 86 | 2.7% |
| Capex | 890.8 | 850.7 | 40.1 | 4.7% |
Economic and financial results
| € million | 2025 | 2024 | Change | % Change |
|---|---|---|---|---|
| EBITDA – Water Segment | 819.7 | 767.8 | 51.9 | 6.8% |
| EBITDA – Group | 1,420.0 | 1,328.9 | 91.1 | 6.9% |
| Percentage | 57.7% | 57.8% | (0.1 pp) |
EBITDA for the Segment stood at €819.7 million at 31 December 2025, an increase of €51.9 million compared to 31 December 2024 (+ 6.8%). The increase is related to the effect of the following factors: i) positive effect of the bonuses related to the application of the incentive for the Technical and Contractual Quality of the Integrated Water Service for the years 2022-2023 (Resolution 277/2025), which saw the Group receive a total bonus of €24.9 million; ii) higher margins from tariff growth related to non-pass-through items (+€49.1 million), linked to the Capex and OpexEnd components; iii) positive effect linked to operating efficiencies on lower disposal and maintenance costs, achieved in 2025 compared to the previous year, in the amount of €8.2 million. This increase is offset by the negative impact of tariff-related items amounting to €35.0 million.
The contribution to EBITDA made by the water companies measured using the equity method, equal to €33.3 million, was up by €19.7 million compared to the previous year. The increase was partly driven by the equity consolidation of Rivieracqua (+€1.4 million in total) and by the increase in Acquedotto del Fiora (+€3.4 million) following its equity consolidation starting from October 2024, and partly by the write-down of unrealised projects of DropMI and Aqua Iot (+€5.5 million) recognised during 2024. The remaining change stems from the better results achieved by Publiacqua (+€7.5 million), mainly related to lower depreciation and amortisation recorded in the previous year, and Umbra Acque (+€1.9 million), mainly as a result of the recognition of revenues related to the above-mentioned bonus.
The contribution to EBITDA of the companies valued at shareholders’ equity is detailed below:
| € million | 2025 | 2024 | Change | % Change |
|---|---|---|---|---|
| Publiacqua | 11.3 | 3.7 | 7.5 | 201.1% |
| Gruppo Acque | 4.9 | 8.4 | (3.5) | (41.5%) |
| Umbra Acque | 6.9 | 5.0 | 1.9 | 39.2% |
| Acquedotto del Fiora | 4.3 | 0.9 | 3.4 | 380.9% |
| Umbria Distribuzione Gas | 2.0 | (0.4) | 2.4 | 573.8% |
| Nuove Acque e Intesa Aretina | 1.6 | 0.9 | 0.7 | 51.0% |
| Rivieracqua | 1.4 | 0.0 | 1.4 | n.s. |
| Geal | 1.2 | 0.8 | 0.5 | 58.4% |
| DropMI e Aqua Iot | (0.1) | (5.6) | 5.5 | (98.6%) |
| Agile Academy | (0.1) | 0.0 | (0.1) | n.s. |
| Aretusacque | (0.1) | 0.0 | (0.1) | n.s. |
| Total | 33.3 | 13.6 | 19.7 | 144.4% |
The quantification of the revenues deriving from management of the integrated water service is the consequence of application of the new water tariff method for the fourth regulatory period (MTI-4), as approved by the Authority (ARERA) with Resolution 639/2023/R/idr of December 2023, taking into account the approval of the 2024-2029 tariff provisions which occurred in the meantime.
The average workforce at 31 December 2025 stood at 3,292, which is an increase of 86 compared to 31 December 2024.
Investments by the Segment amounted to €890.8 million, an increase of €40.1 million compared to the previous year, predominantly linked to the scope of co-financed NRRP major works. Other investments refer mainly to extraordinary maintenance work, reconstruction, modernisation and expansion of plants and networks, the reclamation and expansion of water and sewer pipes of the various Municipalities and work on purification and transport plants (ducts and feeders).